Associated Press
Not even 24 hours after his party lost a key Wisconsin race and underperformed in Florida, President Donald Trump followed the playbook that has defined his political career: He doubled down.
Trump’s move on Wednesday to place stiff new tariffs on imports from nearly all U.S. trading partners marks an all-in bet by the Republican that his once-fringe economic vision will pay off for Americans. It was the realization of his four decades of advocacy for a protectionist foreign policy and the belief that free trade was forcing the United States into decline as its economy shifted from manufacturing to services.
The tariff announcement was the latest and perhaps boldest manifestation of Trump’s second-term freedom to lead with his instincts after feeling his first turn in the Oval Office was restrained by aides who did not share his worldview. How it shakes out will be a defining judgment on his presidency.
The early reviews have been worrisome.
Financial markets had their worst week since the onset of the COVID-19 pandemic, foreign trade partners retaliated and economists warned that the import taxes may boost inflation and potentially send the U.S. into a recession. It’s now Republican lawmakers who are fretting about their party’s future while Democrats feel newly buoyant over what they see as Trump’s overreach.
He has promised that the taxes on imports will bring about a domestic manufacturing renaissance and help fund an extension of his 2017 tax cuts. He insisted on Thursday as the Dow Jones fell by 1,600 points that things were “going very well” and the economy would “boom,” then spent Friday at the golf course as the index plunged 2,200 more points.
In his first term, Trump’s tariff threats brought world leaders to his door to cut deals. This time, his actions so far have led to steep retaliation from China and promises from European allies to push back.
As Trump struggles with the economy, Democrats are beginning to emerge from the cloud of doom that has consumed their party ever since their election drubbing in November.
They scored a decisive victory in Wisconsin’s high-profile state Supreme Court election on Tuesday, even after Elon Musk and his affiliated groups poured more than $20 million into the contest. New Jersey Sen. Cory Booker then breathed new life into the Democratic resistance by delivering a record 25-hour-long speech on the Senate floor that centered on a call for his party to find its resolve.
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Republished with permission of the Associated Press.
18 comments
PeterH
April 5, 2025 at 3:19 pm
In order to stay informed on why Trump’s trade tariffs are already doomed to not accomplish their intended goals …. Curious Americans and the international community of market economists need to read two articles from The Atlantic: TRUMP’S TARIFFS ARE DESIGNED TO BACKFIRE and TRUMP HAS ALREADY BOTCHED HIS OWN BAD TARIFF PLAN
Ron Ogden
April 5, 2025 at 4:12 pm
“. . .key Wisconsin race and underperformed in Florida. . .”
Florida races: two Republicans vs. two Democrats. How bad a drubbing did the Republicans take?
Won both by convincing margins.
Why would the Associated Press term that an “underperformance?”
Because that is the agenda of the Associated Press: to try to persuade Americans that Trump is failing.
Who is failing? The Associated Press is failing.
“. . .Key Wisconsin race?” Ley to whom? To me? Nope. Key to you? Not likely. Key to who? Key to the Associated Press. Why? Because it supports their agenda.
Skeptic
April 5, 2025 at 4:51 pm
I think the point of the story was that Trump defunded your retirement. But, the comment was loosely based on an agenda, so there is that.
PeterH
April 5, 2025 at 5:40 pm
Trump has failed miserably. There is absolutely no way to spin this. Trump won in 2024 by 1.7 points and 80 million eligible American voters decided not to vote. Squeeze senior citizens retirement accounts and send workers to the poorly staffed unemployment offices and see what happens.
Ocean Joe
April 5, 2025 at 7:58 pm
It was an underperformance by Republicans when compared to both Trump’s and Waltz’s percent wins a few months ago in the same district. 30% dropped to 15% in an overwhelmingly Republican district which means more than a few non-culted Republicans and Independents sent a message which you didnt get.
Then, in response to Trump’s tariffs, the stock market sent another message, and you seem to be in denial.
Finally, the Wisconsin race is key because the Supreme Court there can un-gerrymander congressional districts, which has national implications ahead of the 2026 mid-terms. You’re welcome!
Michael K
April 5, 2025 at 8:16 pm
Wisconsin was “key” because of Musk’s likely illegal vote buying/bribes, throwing $20 million, with Trump’s thumb on the scale for a state Supreme Court race, which was a decisive denunciation of the co-presidents. Musk/Trump both made that election an explicit referendum on their presidency, and their tactic of buying votes backfired, bigly. Voters overwhelmingly rejected their ploy.
The margins in Florida show a double-digit loss of support the Republicans had a few short months ago. Trump is underwater on approval ratings because of his dismal and disastrous performance and incompetence – even before he tanked global financial markets.
And what does Trump do in response? He plays golf with the Saudis to make more money for himself (from LIV) at taxpayer expense.
Paul Passarelli
April 5, 2025 at 8:09 pm
AP has jumped the shark.
Peachy
April 5, 2025 at 8:25 pm
Once again the AP spins the election in Florida. News alert: Demos lost both races that they claimed they had a chance in and throwing millions to attempt and influence the results. Congratulations to The People’s Republic of Wisconsin. Yes Musk threw a bunch of cash, but Wisconsin is soooooooo similar to Illinois and many times a lost cause.
Skeptic
April 6, 2025 at 7:14 am
The communist Senator Ron Johnson agrees. As does President Walker.
The Cat In The MAGA Hat
April 6, 2025 at 8:02 am
What in your MAGA wallet today ,how much you lost this week loser MAGA,a MAGA fool and his money soon parted
A Day Without Trump Losing Your Money
April 6, 2025 at 6:11 am
Ocean Joe,the Treasury secretary is getting ready to bail on Trump,banks are call on hedge funds to pay billions before Monday open market to satisfy their obligations due to the market downfall ,it he best idea for people to get their money from the banks,while they have a chance to do it ,with no government bail out Google Bessent Quitting Google Hedge Fund Margin Call Google Trump FDIC Bank Failure
Ocean Joe
April 6, 2025 at 8:27 pm
Bessent wont bail, he’s one of Trump’s billionaire buddies, although when questioned he cant explain or justify the tariffs. He looked squeamish and the market crash is just beginning.
Starting a run on the banks isn’t a smart plan either. Market futures point to April 7 being ugly, similar drop as April 5 and 6. No economist here, but unless Trump reverses course or extracts “deals” and then calls off the tariff increases we are in recession, higher inflation, higher prices, higher unemployment, and much higher taxes (via the tariffs) on consumers reducing demand and in turn output. Meanwhile, congressional Republicans answer is to push income tax cuts helping the wealthy through for Trump’s signature.
Hoovervilles will be sprouting if there’s no cardboard shortage.
EARL PITTS AMERICAN
April 6, 2025 at 7:35 am
Good Morn’ Ting Sage Patriots [AKA REPUBLICANS], & Dook 4 Brains Leftys [AKA DEMOCRATS],
Relax your “Political Sphincters”, one and all, as We, The American People, finally have an Honest Admimistration, willing to fix problems, and not just the 1.) Tax & Spend, 2.) Tax & Steal, 3.)Tax & Waste schemes of the Democrats and many previous Republicsns.
You are “FREE, FREE, FREE AT LAST” under the Sage Oversight and Guidance of the Honest Trump and subsequant Desantis Administrations.
Thank you Americans, one and all, “FREE, FREE, FREE AT LAST” ,
EARL PITTS AMERICAN
A Day Without Trump Losing Your Money
April 6, 2025 at 8:00 am
You will have to get a job at Publix after your retirement is wipe out Google Trump Bank Collapse Google Treasury Secretary Quitting Google Trump FDIC Bank Failure
Peachy
April 6, 2025 at 8:05 am
Is that you Jasmine Crockett or Cardi B?
A Day Without MAGA Losing Their Mind And Money
April 6, 2025 at 10:35 am
The market will flatline tomorrow, Trump Treasury threatened to resign as the bank.call for hedge to pay in full before the market open, Bessent Resign Google Trump 401k Google Cramer Black Monday
A Day Without MAGA Losing Their Mind And Money
April 6, 2025 at 10:45 am
Why your bank could collapse,lots of banks are exposed to derivative,and lots of banks have to sell government securities at a lost,this making bank deposit at the bank less,for customers Google Bank Selling Securities At A Loss Google Bank Derivative Exposure Google Trump FDIC Bank Failure
Skeptic
April 6, 2025 at 7:49 pm
I have been wondering for a few days whether Trump will cause margin calls. Already the implosion for tomorrow is reflected in the futures. On Friday, Powell said no Fed put — we’ll see if he can stick to his guns. Don’t bother with the MAGA trolls on this board, none of them can comprehend economics — like lemmings, they will follow King Lear over the cliff and into the sea. It is sad on a humanitarian level (nobody that is not MAGA likes to see the deluded fleeced of their retirements ) and also because you know they will be crying for a government handout as they drown. Thanks for the Google searches — may be useful for readers who are not MAGA but not versed in market meldown schematics.
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